Answer:
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Bigmed's total revenue if the firm produces allocative efficient quantity will equal $5,700.
<h3>What is Allocative Efficient Quantity?</h3>
Allocative efficiency in economics is triggered when price = marginal cost. The point on the graph where this happens is the point where price equals $100 and quantity = 57.
Because revenue is price x quantity, we therefore have:
$100 * 57 = $ 5,700.
Hence A = $ 5,700
B) With a change in the price of 2% the quantity demanded will most likely remain at 57 or very close to 57 because in that region, the price is inelastic.
This can be proven by calculating the demand reaction when the price moved from $68 to $100. The price elasticity for that change in price was -0.78 (that is, inelastic).
So if for a price change of 32% the quantity changed was negligible, then 2% will be more inelastic.
C) At the quantity demanded of 10 units, there is insufficient information to determine the condition of the marginal product.
D) Profit is always maximized at the point where Marginal Cost (MC) = Marginal Revenue (MR). That is MC = MR.
Hence the quantity (Q) that maximizes BigMed's profit is <u>44 Units.</u>
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E) At the quantity identified above, the firm is earning negative economic profits which is a loss. This is because of the price where MC=MR is lower than the Average Total Cost (ATC).
Learn more about allocative efficient quantity at:
brainly.com/question/14471969
Answer:
In 1777, British war generals devised a plan to bring a quick end to the war: They would effectively sever New England from the rest of the colonies by taking control of New York City, Albany, and the Hudson River. First, British General John Burgoyne would lead 8,000 troops from Canada. Barry St. Leger would direct his troops east from Lake Ontario, and General Howe would move his troops north from New York City, where all three would meet at Albany to destroy the Rebel armies.
General Howe, however, had different plans. Howe brought his army south from New York and invaded the Patriot capital of Philadelphia. Although he succeeded in capturing the city and forcing Congress to flee to York, Pennsylvania, he decided to camp his army in the capital for the winter, rather than proceeding with the plan and marching to Albany. Furthermore, stubborn Patriot resistance under the infamous General Benedict Arnold kept St. Leger from making it to Albany, and Burgoyne’s progress was slowed by excess baggage and entire groves of trees felled by the Patriots to make his travels even more difficult. Low on supplies, Burgoyne sent a detachment to capture an American supply base at Bennington, Vermont. The detachment was defeated by John Stark and the Green Mountain Boys, causing Burgoyne to withdraw to Saratoga, N.Y.
Burgoyne’s army soon became trapped in Saratoga, blocked in the south by Patriot General Horatio Gates’ army. Howe’s army remained in Philadelphia, and St. Leger’s Army was defeated at Fort Stanwix. On October 7, 1777, Burgoyne made a desperate attempt to attack the larger Patriot force at Saratoga which now comprised the armies of both Gates and Arnold. Despite initial success at Freeman’s Farm, Burgoyne’s Army would be routed by Arnold’s at Bemis Heights. Beset by a lack of supplies and horrendous casualties, Burgoyne had no choice but to surrender.
Explanation:
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